Mitchell Mortgage Rates
30 Year Fixed Rate mortgages in Mitchell averaged
5.77%
for the week of 2022-06-23, compared to the national average of
5.81% for the same period.
The average rate for the prior week (2022-06-16) was
5.64% and
one month ago for the week of 2022-05-19, the
average rate was 5.11%.
Mitchell's average rate one year ago was 3.06%.
For refis of the same type during the week of 2022-06-23, the average rate
was 5.52%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2022-06-23 | 5.81% |
Mitchell 30 Year Fixed Rate | 2022-06-23 | 5.77% |
Mitchell 30 Year Fixed Rate Refi | 2022-06-23 | 5.52% |
Mitchell 15 Year Fixed Rate | 2022-06-23 | 4.74% |
Mitchell 15 Year Fixed Rate Refi | 2022-06-23 | 4.62% |
Mitchell 30 Year FHA | 2022-06-23 | -0.49% |
Mitchell 30 Year FHA Refi | 2022-06-23 | -0.46% |
Mitchell 30 Year USDA | 2022-06-23 | -0.52% |
Mitchell 30 Year USDA Refi | 2022-06-23 | -0.6% |
Mitchell 30 Year VA | 2022-06-23 | 0.33% |
Mitchell 30 Year VA Refi | 2022-06-23 | -0.21% |
Mitchell Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lendor, for only loans originated in the Mitchell, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Mitchell, SD's 38 lenders originated 711
loans during 2021. The total origination value was $132,455,000, with an average loan value of
$186,294.
The top Mitchell lender as defined by loan originations is CORTRUST MORTGAGE, INC., with
66 loans originated. Their average total fees are
$4,066, which is $598
higher than the next largest lender,
Plains Commerce Bank.
The lowest fee Mitchell lenders (with over 10 loans originated) are
First Dakota National Bank ($2,170), Wells Fargo Bank ($2,732), Plains Commerce Bank ($3,467), BANKWEST, INC. ($3,824) and CORTRUST MORTGAGE, INC. ($4,066).
The lowest rate Mitchell lenders (with over 10 loans originated) are
U.S. Bank (2.72%), BANKWEST, INC. (2.80%), CORTRUST MORTGAGE, INC. (2.81%), First Dakota National Bank (2.99%) and Plains Commerce Bank (3.04%).
Mitchell, SD Lender Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
Name | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
---|---|---|---|---|
Plains Commerce Bank | $17,230,000 | $24,510,000 | 42.3% | 18.5% |
CORTRUST MORTGAGE, INC. | $31,460,000 | $22,030,000 | -30.0% | 16.6% |
First Dakota National Bank | $23,375,000 | $16,405,000 | -29.8% | 12.4% |
BANKWEST, INC. | $28,805,000 | $15,025,000 | -47.8% | 11.3% |
U.S. Bank | $8,405,000 | $6,465,000 | -23.1% | 4.9% |
QUICKEN LOANS, LLC | $4,680,000 | $5,995,000 | 28.1% | 4.5% |
Wells Fargo Bank | $3,135,000 | $4,195,000 | 33.8% | 3.2% |
First National Bank of Omaha | $6,465,000 | $3,230,000 | -50.0% | 2.4% |
GUARANTEED RATE, INC. | $805,000 | $2,530,000 | 214.3% | 1.9% |
Great Western Bank | $4,510,000 | $2,345,000 | -48.0% | 1.8% |
Reliabank Dakota | $420,000 | $2,095,000 | 398.8% | 1.6% |
BLACK HILLS FEDERAL CREDIT UNION | $105,000 | $2,045,000 | 1,847.6% | 1.5% |
First PREMIER Bank | $2,270,000 | $1,690,000 | -25.6% | 1.3% |
CU MORTGAGE DIRECT, LLC | $1,660,000 | $1,525,000 | -8.1% | 1.2% |
Mortgage Research Center, LLC | $1,520,000 | $1,495,000 | -1.6% | 1.1% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $365,000 | $1,250,000 | 242.5% | 0.9% |
First National Bank | $605,000 | $1,135,000 | 87.6% | 0.9% |
American Bank & Trust | $1,625,000 | $980,000 | -39.7% | 0.7% |
AMERISAVE MORTGAGE CORPORATION | $310,000 | $920,000 | 196.8% | 0.7% |
First International Bank & Trust | $865,000 | n/a | 0.7% | |
FREEDOM MORTGAGE CORPORATION | $1,110,000 | $820,000 | -26.1% | 0.6% |
LOANDEPOT.COM, LLC | $390,000 | $755,000 | 93.6% | 0.6% |
UNITED WHOLESALE MORTGAGE, LLC | $1,200,000 | $670,000 | -44.2% | 0.5% |
Peoples Bank | $635,000 | n/a | 0.5% | |
CROSSCOUNTRY MORTGAGE, LLC | $460,000 | $625,000 | 35.9% | 0.5% |
PENNYMAC LOAN SERVICES, LLC | $325,000 | $610,000 | 87.7% | 0.5% |
JPMorgan Chase Bank | $575,000 | n/a | 0.4% | |
NEW DAY FINANCIAL, LLC | $185,000 | $565,000 | 205.4% | 0.4% |
GUARANTY HOME MORTGAGE CORPORATION | $525,000 | n/a | 0.4% | |
The Federal Savings Bank | $505,000 | n/a | 0.4% | |
BETTER MORTGAGE CORPORATION | $135,000 | $465,000 | 244.4% | 0.4% |
USAA Federal Savings Bank | $160,000 | $430,000 | 168.8% | 0.3% |
NEWREZ LLC | $135,000 | $425,000 | 214.8% | 0.3% |
CorTrust Bank | $480,000 | $415,000 | -13.5% | 0.3% |
First Guaranty Mortgage Corporation | $400,000 | n/a | 0.3% | |
Farm Credit Mid-America, ACA | $1,035,000 | $380,000 | -63.3% | 0.3% |
DAS Acquisition Company, LLC | $370,000 | n/a | 0.3% | |
BROKER SOLUTIONS, INC. | $310,000 | $365,000 | 17.7% | 0.3% |
MOVEMENT MORTGAGE, LLC | $260,000 | $340,000 | 30.8% | 0.3% |
Dacotah Bank | $470,000 | $315,000 | -33.0% | 0.2% |
Flanagan State Bank | $115,000 | $315,000 | 173.9% | 0.2% |
The First National Bank in Sioux Falls | $1,385,000 | $280,000 | -79.8% | 0.2% |
Citizens Bank | $315,000 | $270,000 | -14.3% | 0.2% |
Bank of the West | $195,000 | $265,000 | 35.9% | 0.2% |
Flagstar Bank, FSB | $1,145,000 | $255,000 | -77.7% | 0.2% |
Merchants Bank | $255,000 | n/a | 0.2% | |
Ohnward Bank & Trust | $255,000 | n/a | 0.2% | |
Barrington Bank & Trust Company, N.A. | $310,000 | $230,000 | -25.8% | 0.2% |
Mr. Cooper ( Nationstar Mortgage ) | $295,000 | $230,000 | -22.0% | 0.2% |
First Savings Bank | $135,000 | $205,000 | 51.9% | 0.2% |
NAVY FEDERAL CREDIT UNION | $580,000 | $205,000 | -64.7% | 0.2% |
Black Hills Community Bank | $190,000 | n/a | 0.1% | |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $185,000 | n/a | 0.1% | |
Bank of America | $185,000 | n/a | 0.1% | |
Servion, Inc. | $185,000 | n/a | 0.1% | |
Colonial Savings, F.A. | $175,000 | n/a | 0.1% | |
PREMIA MORTGAGE, LLC | $145,000 | $175,000 | 20.7% | 0.1% |
CALIBER HOME LOANS, INC. | $430,000 | $170,000 | -60.5% | 0.1% |
IOWA BANKERS MORTGAGE CORPORATION | $205,000 | $165,000 | -19.5% | 0.1% |
First Bank & Trust | $290,000 | $155,000 | -46.6% | 0.1% |
American State Bank | $75,000 | $145,000 | 93.3% | 0.1% |
Deere Employees Credit Union | $145,000 | n/a | 0.1% | |
Gateway First Bank | $125,000 | n/a | 0.1% | |
LONGBRIDGE FINANCIAL, LLC | $115,000 | n/a | 0.1% | |
SERVICE FIRST FEDERAL CREDIT UNION | $660,000 | $115,000 | -82.6% | 0.1% |
Carrington Mortgage Services, LLC | $85,000 | $105,000 | 23.5% | 0.1% |
CMG MORTGAGE, INC. | $105,000 | $105,000 | 0.0% | 0.1% |
SIOUX FALLS | $195,000 | $105,000 | -46.2% | 0.1% |
MUTUAL OF OMAHA MORTGAGE, INC. | $85,000 | n/a | 0.1% | |
First Interstate Bank | $335,000 | $75,000 | -77.6% | 0.1% |
AMERICAN FINANCING CORPORATION | $65,000 | n/a | 0.0% |
Mitchell's top lender by overall market share is Plains Commerce Bank, with 18.5% market share. In second place, with 16.6%, is CORTRUST MORTGAGE, INC., having originated $22,030,000 in loans. In third place, with 12.4%, is First Dakota National Bank, having originated $16,405,000 in loans. In third place, with 11.3%, is BANKWEST, INC., having originated $15,025,000 in loans. In third place, with 4.9%, is U.S. Bank, having originated $6,465,000 in loans.
Mitchell, SD Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 297 | $65,855,000 | $221,734 |
Refi | 220 | $36,440,000 | $165,636 |
Cash Out Refi | 160 | $27,240,000 | $170,250 |
Home Improvement | 21 | $1,425,000 | $67,857 |
Other | 13 | $1,495,000 | $115,000 |
Mitchell's most frequently cited loan purpose was Home Purchase, with 297 originations. The 2nd most popular reason was Refi, with 220 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
2.5-3% | 260 | $47,980,000 | $184,538 |
<2.5% | 254 | $44,020,000 | $173,307 |
3-4% | 154 | $36,080,000 | $234,286 |
4-5% | 26 | $2,710,000 | $104,231 |
5-6% | 5 | $185,000 | $37,000 |
7-8% | 2 | $50,000 | $25,000 |
6-7% | 1 | $75,000 | $75,000 |
During 2021, Mitchell's most frequently originated rate bucket was 2.5-3%, with 260 originations.
Loan Sizing (Mitchell, SD MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 317 | $46,405,000 | $146,388 |
$200k-400k | 195 | $50,815,000 | $260,590 |
$100,000 or less | 166 | $11,150,000 | $67,169 |
$400k-600k | 27 | $12,995,000 | $481,296 |
$Over $1MM | 4 | $9,490,000 | $2,372,500 |
$600k-1000k | 2 | $1,600,000 | $800,000 |
Mitchell's loan sizing saw the bucket of loans from $100k-200k with 317 originations, totaling $46,405,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 262 | $52,800,000 | $201,527 |
60-80% | 246 | $46,330,000 | $188,333 |
40-60% | 108 | $22,340,000 | $206,852 |
20-40% | 48 | $5,100,000 | $106,250 |
Under 20% | 22 | $690,000 | $31,364 |
Over 100% | 7 | $1,415,000 | $202,143 |
Mitchell's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 262 originations, totaling $52,800,000 in origination value.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $164,650 (4.6%) | $270,046 (35.7%) | 0.00 | 59 |
2018-02-01 | $179,500 (15.1%) | $294,752 (53.1%) | 0.00 | 57 |
2018-03-01 | $189,000 (21.2%) | $306,180 (63.0%) | 0.00 | 46 |
2018-04-01 | $203,500 (30.5%) | $301,083 (55.5%) | 0.00 | 52 |
2018-05-01 | $197,000 (18.4%) | $288,617 (38.4%) | 0.00 | 54 |
2018-06-01 | $199,495 (18.4%) | $295,133 (40.1%) | 0.00 | 55 |
2018-07-01 | $168,000 (1.9%) | $259,303 (26.1%) | 0.00 | 60 |
2018-08-01 | $164,000 (-0.4%) | $238,048 (10.7%) | 0.00 | 71 |
2018-09-01 | $159,750 (-1.4%) | $236,405 (9.5%) | 0.00 | 64 |
2018-10-01 | $153,000 (-4.1%) | $213,505 (-16.8%) | 0.00 | 62 |
2018-11-01 | $159,750 (2.1%) | $229,323 (-11.6%) | 0.00 | 63 |
2018-12-01 | $160,000 (1.3%) | $254,101 (-2.4%) | 0.00 | 61 |
2019-01-01 | $175,500 (6.6%) | $283,864 (5.1%) | 0.00 | 44 |
2019-02-01 | $174,750 (-2.7%) | $253,809 (-13.9%) | 0.00 | 38 |
2019-03-01 | $180,814 (-4.3%) | $257,485 (-15.9%) | 0.00 | 40 |
2019-04-01 | $188,314 (-7.5%) | $258,099 (-14.3%) | 0.00 | 39 |
2019-05-01 | $177,500 (-9.9%) | $242,632 (-15.9%) | 0.00 | 45 |
2019-06-01 | $174,900 (-12.3%) | $194,225 (-34.2%) | 0.00 | 63 |
2019-07-01 | $177,500 (5.7%) | $201,590 (-22.3%) | 0.00 | 66 |
2019-08-01 | $165,071 (0.7%) | $193,656 (-18.7%) | 0.00 | 80 |
2019-09-01 | $148,500 (-7.0%) | $179,339 (-24.1%) | 0.00 | 86 |
2019-10-01 | $147,200 (-3.8%) | $174,507 (-18.3%) | 0.00 | 81 |
2019-11-01 | $147,500 (-7.7%) | $171,277 (-25.3%) | 0.00 | 73 |
2019-12-01 | $138,250 (-13.6%) | $162,953 (-35.9%) | 0.00 | 66 |
2020-01-01 | $135,750 (-22.7%) | $150,728 (-46.9%) | 0.00 | 60 |
2020-02-01 | $144,900 (-17.1%) | $166,128 (-34.6%) | 0.00 | 64 |
2020-03-01 | $149,450 (-17.4%) | $168,598 (-34.5%) | 0.00 | 66 |
2020-04-01 | $154,900 (-17.7%) | $171,040 (-33.7%) | 0.00 | 66 |
2020-05-01 | $155,000 (-12.7%) | $170,286 (-29.8%) | 0.00 | 67 |
2020-06-01 | $139,700 (-20.1%) | $170,247 (-12.4%) | 0.00 | 62 |
2020-07-01 | $153,000 (-13.8%) | $199,755 (-0.9%) | 0.00 | 62 |
2020-08-01 | $154,900 (-6.2%) | $201,712 (4.2%) | 0.00 | 59 |
2020-09-01 | $156,000 (5.1%) | $193,471 (7.9%) | 0.00 | 55 |
2020-10-01 | $128,500 (-12.7%) | $186,735 (7.0%) | 0.00 | 54 |
2020-11-01 | $124,000 (-15.9%) | $181,454 (5.9%) | 0.00 | 47 |
2020-12-01 | $119,900 (-13.3%) | $328,061 (101.3%) | 0.00 | 38 |
2021-01-01 | $149,000 (9.8%) | $366,643 (143.3%) | 0.00 | 32 |
2021-02-01 | $149,500 (3.2%) | $385,415 (132.0%) | 0.00 | 31 |
2021-03-01 | $180,950 (21.1%) | $376,501 (123.3%) | 0.00 | 37 |
2021-04-01 | $202,500 (30.7%) | $386,881 (126.2%) | 0.00 | 37 |
2021-05-01 | $241,500 (55.8%) | $453,803 (166.5%) | 0.00 | 38 |
2021-06-01 | $241,950 (73.2%) | $451,541 (165.2%) | 0.00 | 45 |
2021-07-01 | $225,000 (47.1%) | $433,895 (117.2%) | 0.00 | 55 |
2021-08-01 | $209,750 (35.4%) | $373,410 (85.1%) | 0.00 | 76 |
2021-09-01 | $219,250 (40.5%) | $400,021 (106.8%) | 0.00 | 56 |
2021-10-01 | $189,000 (47.1%) | $382,168 (104.7%) | 0.00 | 44 |
2021-11-01 | $180,000 (45.2%) | $352,924 (94.5%) | 0.00 | 39 |
2021-12-01 | $154,700 (29.0%) | $332,682 (1.4%) | 0.00 | 33 |
2022-01-01 | $139,900 (-6.1%) | $318,938 (-13.0%) | 0.00 | 27 |
2022-02-01 | $159,950 (7.0%) | $316,770 (-17.8%) | 0.00 | 31 |
2022-03-01 | $206,450 (14.1%) | $341,711 (-9.2%) | 0.00 | 36 |
2022-04-01 | $222,500 (9.9%) | $329,149 (-14.9%) | 0.00 | 46 |
2022-05-01 | $217,450 (-10.0%) | $317,758 (-30.0%) | 0.00 | 50 |
Mitchell's median listing price comes in at 0% of the national average.
Mitchell's average listing price for 2022-05-01 was $317,758, a difference of $-136,045 (-30.0%) versus the prior year and $-11,391 versus the prior month.
For the 2022-05-01 period, Mitchell had 50 MLS listings, a difference of 4 listings (9%) versus the prior month and 12 listings (32%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,742 sqft |
2018-02-01 | 0 days | 1,751 sqft |
2018-03-01 | 0 days | 1,578 sqft |
2018-04-01 | 0 days | 1,665 sqft |
2018-05-01 | 0 days | 1,751 sqft |
2018-06-01 | 0 days | 1,754 sqft |
2018-07-01 | 0 days | 1,653 sqft |
2018-08-01 | 0 days | 1,656 sqft |
2018-09-01 | 0 days | 1,650 sqft |
2018-10-01 | 0 days | 1,631 sqft |
2018-11-01 | 0 days | 1,766 sqft |
2018-12-01 | 0 days | 1,840 sqft |
2019-01-01 | 0 days | 1,941 sqft |
2019-02-01 | 0 days | 1,925 sqft |
2019-03-01 | 0 days | 1,686 sqft |
2019-04-01 | 0 days | 1,854 sqft |
2019-05-01 | 0 days | 1,828 sqft |
2019-06-01 | 0 days | 1,912 sqft |
2019-07-01 | 0 days | 1,874 sqft |
2019-08-01 | 0 days | 1,774 sqft |
2019-09-01 | 0 days | 1,734 sqft |
2019-10-01 | 0 days | 1,639 sqft |
2019-11-01 | 0 days | 1,574 sqft |
2019-12-01 | 0 days | 1,454 sqft |
2020-01-01 | 0 days | 1,394 sqft |
2020-02-01 | 0 days | 1,612 sqft |
2020-03-01 | 0 days | 1,636 sqft |
2020-04-01 | 0 days | 1,674 sqft |
2020-05-01 | 0 days | 1,643 sqft |
2020-06-01 | 0 days | 1,561 sqft |
2020-07-01 | 0 days | 1,525 sqft |
2020-08-01 | 0 days | 1,773 sqft |
2020-09-01 | 0 days | 1,747 sqft |
2020-10-01 | 0 days | 1,773 sqft |
2020-11-01 | 0 days | 1,880 sqft |
2020-12-01 | 0 days | 1,921 sqft |
2021-01-01 | 0 days | 2,005 sqft |
2021-02-01 | 0 days | 2,003 sqft |
2021-03-01 | 0 days | 1,968 sqft |
2021-04-01 | 0 days | 2,023 sqft |
2021-05-01 | 0 days | 2,074 sqft |
2021-06-01 | 0 days | 1,889 sqft |
2021-07-01 | 0 days | 1,889 sqft |
2021-08-01 | 0 days | 1,905 sqft |
2021-09-01 | 0 days | 1,998 sqft |
2021-10-01 | 0 days | 1,920 sqft |
2021-11-01 | 0 days | 1,913 sqft |
2021-12-01 | 0 days | 1,708 sqft |
2022-01-01 | 0 days | 1,502 sqft |
2022-02-01 | 0 days | 1,515 sqft |
2022-03-01 | 0 days | 1,872 sqft |
2022-04-01 | 0 days | 1,757 sqft |
2022-05-01 | 0 days | 1,656 sqft |
Mitchell's median square footage for active listings during the 2022-05-01 period was 1,656 sqft. One year prior, the average listing was 2,074 sqft.